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Crypto Market: EOS Rise By Despite Crypto Bleeds as Google Cloud Joins Blockchain Community

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Crypto Market: EOS Rise By Despite Crypto Bleeds as Google Cloud Joins Blockchain Community

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The crypto market smiled on EOS as Software and EOS developer Block.one announced on October 6th that Google Cloud had joined the community in a blog post.

According to the announcement, Google Cloud will not only join the network but also become a BP in the chain. EOS holders will decide if Google Cloud should become BP by votes.

Currently, 21 BPs form the core of the EOS network. By joining the public blockchain platform, the tech giant will also bring in its advanced infrastructure, which the EOS network will benefit from.

The latest development underlines the increasing integration of blockchain and an increasingly broad field of technology. CEO of Block.one, Brendan Blumer said that EOS is a powerful solution for anyone who wants to use a decentralized ecosystem with ease.

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“Through secure oracles, inter-chain transaction reporting, key management, and high-integrity full-node validation, Google Cloud’s confidential computing infrastructure will enhance the security, scalability, and decentralization of blockchain technology.”

Block.one CTO, Dan Larimer, remarked:

EOS Bullish Despite Fall in Crypto Price

On the news that Google Cloud became BP, the price of EOS soared, increasing more than 17% in less than two hours.  As of now, EOS is trading for $2.67 and a 2.5 Billion USD market cap, after reaching almost $2.90 at today’s high.

Although EOS may have made significant gains from the release of Google Cloud, the crypto market has been bearish. As of press time, the total market value of cryptocurrencies is down more than 2%.

Reports of US President Donald Trump’s decision to oppose the second round of COVID-19 stimulus payments are sparking a new wave of sell-offs in the asset market. Within minutes of President Trump’s Twitter decision, the Dow Jones Index fell 300 points.

Total Crypto Market Value Fall by $10 Billion

On the back of remarkably fast recovery from the virus, President Donald Trump has abruptly ended talks with Spokeswoman Nancy Pelosi and Democratic leaders about the new financial aid package. 

The top three US stock indices all lost solid gains earlier in the day and fell into negative territory after the announcement. The crypto-asset market also followed closely. In the past 24 hours, the total market value has fallen by approximately $10 billion. This move reduced the market from $335 billion to less than $325 billion.

Total Crypto Market Cap. Source: TradingView
Total Crypto Market Cap. Source: TradingView

As usual, altcoins have been hit harder and harder, causing most of the loss in market value in the last day or so.

Ethereum fell to its lowest level in two weeks, falling almost 5%, just under $335, and then rebounded slightly to get back to the $340 level. Ripple’s XRP fell to $0.245, a similar drop, while Binance Coin fell to $27.40. Polkadot and Chainlink were the two biggest declines falling 7% each. 

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